The Victory Coalition warned, on Saturday, of the growing financial deficit in the general budget and its direct impact on paying the salaries of personnel and retirees, calling for a quick remediation of the matter.
“the overall budget suffers from a big economic deficit, in addition to the disruption of a number of its spending items, which has affected the difficulty of paying salaries to employees and retirees,” coalition chief Salam al-Zubaidi instructed dinaropinions.com, adding that “it’s miles genuine that we have not reached the degree of complete deficit, however the state of affairs may additionally end up extra hard and complex within the coming period in mild of the changes taking place in the strength markets.”
He added that “Iraq’s reliance on oil on my own as a supply of sales threatens the country’s monetary capability at any second if costs drop, and this has a right away impact on Iraq,” stressing that “there’s an urgent and necessary want to diversify imports earlier than new crises arise.”
it is noteworthy that the Ministry of Finance denied the existence of a scarcity in financial liquidity after the delay in disbursing salaries to many authorities departments, even as political forces and economic professionals warn towards persevering with to depend upon oil as the sole useful resource.
